Let’s call it a fantasy. Skeptics among us might assign darker descriptions, but for now, fantasy will work for what eMax Holdings Corp. envisions for three big parcels in and around Silverthorne.
The Florida-based development company thinks it’s six months away from starting construction on a host of housing, commercial, hotel, entertainment and golf course projects on some 500 acres or so of land.
The concept defies recent zoning and development history in Silverthorne and one other important fact. eMax forgot to tell the land owner he had a deal.
Tom Garvin, who lives in the Boulder area, in fact would love to sell his significant land holdings in and around Silverthorne, especially the Clark Ranch which he says costs him about $75,000 a year in property taxes because old zoning does call for a big hotel and significant single-family and multi-family home development.
But he’s only talked to one eMax executive once. There’s no agreement, no contract, Garvin asserts. All he knows is the eMax crowd seems like “nice people from Florida.”
That didn’t slow eMax from putting out a press release detailing how it had what turns out to be mythical letters of intent to buy property with more than $50 million in appraised value with less then $9 million in assumed mortgages, giving eMax more than $41 million in net equity. And once everything is sold, revenues are expected to top $2.25 billion.
Maybe eMax will buy out Garvin. But it better first do some due diligence about what Silverthorne elected officials want, which is not a big hotel, and tons of density.
The last run at Garvin’s property produced a plan for commercial use, a school site, a day care center, affordable housing and free-market housing on the Smith Ranch.
In turn, the Clark and Hiett ranches were to be home for a golf course community of some sort with about 355 homes. The hotel concept disappeared.
It all fizzled in the wake of town dissension about commercial space and the school district quitting the project and building the new Silverthorne Elementary School on the north end of town.
Right now, by any measure, eMax is suffering from delusions and a credibility gap that amazes even Garvin ” for the moment.
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